Keefe, Bruyette & Woods Reaffirms Market Perform Rating for Genworth Financial (NYSE:GNW)

Genworth Financial (NYSE:GNW)‘s stock had its “market perform” rating reiterated by investment analysts at Keefe, Bruyette & Woods in a note issued to investors on Friday, Benzinga reports. They currently have a $10.50 target price on the financial services provider’s stock, down from their prior target price of $11.50. Keefe, Bruyette & Woods’ price objective indicates a potential upside of 7.97% from the stock’s current price.

Several other equities analysts have also recently issued reports on GNW. Wall Street Zen upgraded Genworth Financial from a “sell” rating to a “hold” rating in a research report on Sunday, July 12th. Weiss Ratings cut Genworth Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday. Three investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $10.50.

Genworth Financial Stock Up 1.0%

Shares of Genworth Financial stock opened at $9.72 on Friday. Genworth Financial has a one year low of $7.84 and a one year high of $10.69. The company has a market cap of $3.67 billion, a P/E ratio of 18.70 and a beta of 0.88. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.29 and a current ratio of 0.29. The firm has a fifty day moving average of $9.90 and a two-hundred day moving average of $9.34.

Genworth Financial (NYSE:GNW) last issued its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.01. The business had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.90 billion. Genworth Financial had a net margin of 2.87% and a return on equity of 1.06%. On average, analysts forecast that Genworth Financial will post 1.11 earnings per share for the current year.

Insider Transactions at Genworth Financial

In other news, EVP Melissa Hagerman sold 14,708 shares of Genworth Financial stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $9.91, for a total transaction of $145,756.28. Following the completion of the sale, the executive vice president directly owned 192,539 shares in the company, valued at approximately $1,908,061.49. This trade represents a 7.10% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Thomas J. Mcinerney sold 100,000 shares of the business’s stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $10.53, for a total value of $1,053,000.00. Following the sale, the chief executive officer directly owned 5,068,883 shares in the company, valued at $53,375,337.99. This trade represents a 1.93% decrease in their position. The SEC filing for this sale provides additional information. 1.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Genworth Financial

Several hedge funds have recently bought and sold shares of GNW. Donald Smith & CO. Inc. acquired a new stake in Genworth Financial in the second quarter valued at $212,906,000. Bank of New York Mellon Corp acquired a new position in shares of Genworth Financial during the 2nd quarter worth $22,798,000. Bank of America Corp DE boosted its position in shares of Genworth Financial by 133.2% in the 1st quarter. Bank of America Corp DE now owns 2,158,625 shares of the financial services provider’s stock worth $17,528,000 after buying an additional 1,232,931 shares in the last quarter. Principal Financial Group Inc. boosted its position in shares of Genworth Financial by 1.9% in the 1st quarter. Principal Financial Group Inc. now owns 1,940,885 shares of the financial services provider’s stock worth $15,760,000 after buying an additional 37,098 shares in the last quarter. Finally, SG Americas Securities LLC grew its stake in Genworth Financial by 173.7% in the 1st quarter. SG Americas Securities LLC now owns 1,188,288 shares of the financial services provider’s stock valued at $9,649,000 after acquiring an additional 754,105 shares during the last quarter. 81.85% of the stock is owned by hedge funds and other institutional investors.

Genworth Financial Company Profile

Genworth Financial, Inc is a financial services company focused primarily on mortgage insurance and long-term care insurance. Through its U.S. mortgage insurance operations, including its majority-owned subsidiary Enact Holdings, the company helps lenders manage credit risk and supports access to homeownership by insuring residential mortgage loans.

Genworth also manages a portfolio of U.S. life insurance and long-term care insurance products. Its life insurance operations primarily serve existing policyholders, with an emphasis on administering in-force policies and managing long-term obligations rather than pursuing broad new sales.